Cybercrime will cost companies worldwide an estimated $10.6 trillion (£7.65trn) annually by 2025 – representing the greatest transfer of economic wealth in history. The cost of which takes into account: ransom payments, disruption of service, destruction of data, theft of intellectual property; and reputational damage, to name a few.  Yet many organisations are still burying their head in the sand when it comes to cybercrime, ignoring online vulnerabilities and not taking recommended measures to protect their business more effectively.

In a similar vein to personal health, many businesses only take notice of cyber security once something goes seriously wrong. But they need to be more proactive to protect themselves from cybercrime, safeguarding their assets better and in turn valued stakeholders. So where should businesses start? One area is to gain an understanding of some of the different types of cybercrime, what can happen during attacks, and to learn lessons from others that have fallen victim.

Malware attacks

This is where a computer system or network is infected with a virus or other type of malware, with criminals holding files to ransom and demanding payment to release them. But paying the ransom, often demanded in cryptocurrency to support anonymity, doesn’t guarantee return of data. In fact only 9% of retail organisations, that paid ransom in 2020, got all of their encrypted data back.

One of the most famous examples of a malware attack is WannaCry – which targeted a vulnerability in computers running Microsoft Windows. Kapersky Lab, a Russian multinational cybersecurity provider, estimated that 230,000 computers were affected across 150 countries – costing $4 billion (£2.9bn) in financial losses worldwide.

Russia, Ukraine, India and Taiwan were most affected by the attack, but the NHS was also hit. It was estimated to have cost the NHS £92 million, after 19,000 appointments were cancelled as a result of the attack. Whilst it’s unlikely that the NHS was specifically targeted for the attack, the organisation was vulnerable as it operates on old, unsupported software. The organisation remains at risk too, with NHS Digital finding that none of the 200 Trusts passed cyber security vulnerability inspections.

But what should an organisation do if they find themselves victim of a malware attack? Commenting in an article that looked at how the Italian Covid-19 vaccine booking system suffered a ransomware attack, Jaya Baloo, chief information security officer said: “when an organisation is hit by ransomware, the five steps to take would be to isolate the affected systems, identify and secure backup options, collect log information and conduct forensics where needed, attempt to identify the ransomware strain and see if there is a decryption key available, and contact law enforcement and decide on how to proceed.”

Having an agreed plan of action, that can be quickly implemented should a malware attack occur, can make a significant difference in how much data is affected. And with research from EY finding that more than three quarters (77%) of chief information security officers have seen a rise in disruptive attacks over the past 12 months – up from 59% the year before – it’s vital that businesses plan effectively for potential incidents.

Distributed denial of service attacks

A distributed denial of service (DDoS) attack is when criminals try to make it impossible for a service to be delivered, by drowning a system with requests for data. Devices, networks, and apps can all be targeted – with attacks sending so many data requests that systems crash under the demand. The result can be anything from customer annoyance about disrupted services, to entire business being taken offline.

One high profile example of a DDoS attack is when customers from six major US banks, including J.P Morgan and Citigroup, were unable to access their accounts and pay bills online. A hacktivist group had launched an attack, in a bid to get an anti-Islamic video removed from YouTube. And despite the banks having cybersecurity systems in place, none of them were ready to receive such an unprecedented amount of traffic – as botnets carried out the assaults.

DDoS attacks show no sign of abating – with Cisco predicting that the total number of attacks will double from 7.9 million in 2018, to over 15.4 million by 2023. What’s more concerning is that research by Deloitte, finds that the majority of IT decision makers are not fully confident that their company has the intelligence and expertise to protect against a cyber-attack.

There are many tactics that businesses can deploy to safeguard themselves from DDoS attacks, but one simple measure is to become familiar with usual website traffic – making it easier to spot an attack. But in the long-run, having a DDoS response plan, with a technologically competent team ready to leap into action, is crucial in stopping the attack from taking hold.

 Phishing

This is an attack method, carried out most commonly via e-mail, that tricks the victim into believing a trusted source needs something – such as money, identifiable data, or login credentials. Whilst it may be the oldest trick in the cybercrime book, it’s still effective – with the number of attacks increasing by 220% in 2020, during the pandemic.

The World Health Organization reported a five-fold increase in phishing attacks, with scam emails sent to staff and the public, in the first few weeks of the Covid-19 outbreak. Research by Interpol found that criminals took advantage of the pandemic, posing as government and health authorities, to gain trust amongst its victims and encourage sharing of personal data.

FACC, an aerospace parts maker, also fell victim to a “whaling” scam. This type of phishing attack is where communications appear to be sent from senior business leaders, to dupe victims into sharing sensitive information. In this case, hackers crafted an email, purporting to be from the CEO of FACC, asking employees transfer money to an account for a fake acquisition project. Although the company blocked €10.9million (£9.3m) in being transferred, the hackers stole around €50million (£42.8m). It was a heavy blow for the business, operating at a loss of €23.4million (£20m) that financial year, and the CEO was fired for “severely violating his duties”.

Whilst opening malicious e-mail attachments may be a simple method of attack, it keeps proving to be efficient. Organisations are increasingly aware that the human element of cyber security is the weakest link and one that criminals continue to exploit. Educating staff regularly in how to avoid phishing scams, looking out for typos and sender email addresses that don’t look legitimate, is an important method in avoiding attacks. So is having a clear process for flagging suspicious activity as soon as possible, to prevent others from falling victim.

Protecting businesses from cyber-attacks

So how can organisations protect themselves from attacks? We’ll explore this answer in greater depth in our next cybercrime series blog. But on the basic level, regularly updating software and operating systems, and backing up data using cloud technology are some of the most impactful solutions. So is regularly communicating with employees about how to protect the organisation more effectively – such as not clicking on suspicious links or downloading from untrusted websites.

Keeping one step ahead of cyber criminals, as attacks are becoming increasingly sophisticated and damaging, is a significant challenge for businesses and employees. Hiring quality cyber professionals or consultants is a crucial element in keeping businesses adequately protected – as they are able to identify specific vulnerabilities, providing the best course of action to ensure systems are up-to-date and effective.

With the value of cybercrime on a par with the largest economies globally, and the power to bring organisations to their knees, the lure for criminals is too great. Businesses need to be much more proactive in ensuring they have adequate protection to meet ever changing cyber demands, so that criminals don’t expose weaknesses.

Cybercrime is growing by 15% each year and is expected to reach $10.5 trillion (£7.6 trillion) by 2025, representing the third largest “economy” in the world, after the U.S and China. It’s big business – for criminals – and poses a serious reputational and financial risk to organisations.

Given the scale and complexity of the topic, we’ll be running a series of blogs on the subject of cybercrime – looking at how organisations have been affected globally and what businesses can do to better protect themselves. We will cover the following topic areas in more detail:

• Understanding the cybercrime landscape: In a rapidly changing and increasingly digitised world, what are some of the cyber threats to be aware of? We will look at high profile examples of cybercrime and evaluate what lessons can be learnt.
• Getting your house in order: How can businesses better protect themselves from cybercrime? From assessing areas most at risk, to protecting key assets and supply chains, businesses need to have a cyber strategy for dealing with modern-day threats. We will consider how businesses can better manage cyber security – from utilising cloud technology and obtaining quality insurance, to bringing in consultants to support with digital transformation.
• Future gazing: The sophistication and frequency of cyber-attacks will only increase. We will review some of the predictions for the future, giving organisations insight into how better to protect themselves.

With our reliance on technology ever increasing, and cyber-attacks more prevalent and audacious, it is both a business and moral imperative to stay cyber secure. In our cybercrime series, we aim to educate and guide businesses through the complexity.  Watch this space for our first blog on the subject.

Operating in a post-Covid and S/4HANA era, businesses need to ensure they have the SAP professionals onboard to steer them through the recovery and beyond. With many organisations ramping up digital capabilities, SAP professionals will play an integral role in future proofing businesses by aligning new and emerging technologies to enable strategy.

SAP professionals’ skillsets are invaluable, as they are able to streamline operating models and processes, providing valuable insight into growth opportunities and loss areas – across multiple departments, sectors, and countries. And with approximately 70% of the Fortune 100 companies and over 50% of the Fortune 500 companies using SAP as their preferred Enterprise Resource Planning (ERP) software, professionals know they’re in demand.

Businesses need to ensure they are in the best position to attract, retain and develop current and future SAP talent. With 79% of organisations saying they are concerned about a shortage of SAP skills in the future, it’s imperative to get this right. So, what can businesses do now to support the pipeline of SAP professionals and future proof skills?

Support continuous learning

Securing a more competitive salary always tops lists as to why SAP professionals leave an organisation (28%), but it is closely followed by career enhancement (28%) and opportunities to work on newer technologies (25%). For organisations to attract and retain talent, they need to ensure that they are providing professionals with opportunities for growth and development.

Supporting redeployment across the business, allowing professionals to move from a finance to commercial department for example, can help reinvigorate their role. Providing opportunities to learn new software, such as migrating an organisation onto SAP S/4 HANA, can engage professionals with continuous learning whilst supporting organisational modernisation and growth. This also helps to future proof skills, as SAP professionals will be using the most up-to-date systems and processes – enabling them to get closer to the business and understand how to maximise ROI.

Diversify

The global pandemic opened up opportunities to work across countries and continents in a way never seen before. With almost two-thirds (65%) of organisations saying the increase in remote working is making future recruits’ geographic location less important, businesses need to cast their net wider in accessing SAP talent. Looking at talent from other countries and considering different market entry points – such as career switchers – is an important element in meeting future skill demands and maintaining neurodiversity within an organisation.

There is a school of thought that whilst SAP hold the market share on ERP, the law of economics suggests that top players don’t stay in place forever. So, keep an eye on other disruptors in the market, providing professionals with an opportunity to diversify and futureproof their skillsets – allowing them to make other products and solutions work better for the business.

Address skills shortages internally

Where organisations are already experiencing skills shortages, or can see one on the horizon, it may require businesses to take matters into their own hands. Creating internal training programmes and tailoring recruitment processes can help to grow SAP talent from within.

Even SAP, as an organisation, is looking to create opportunities by investing €250m in the UK economy, and support 250 candidates through its internship programme by 2026. Working in collaboration with Nottingham University to develop “SAP Next-Gen Lab”, the organisation hopes to promote start-up activity among students.

SAP professionals are in the unique position to be able to transform businesses, and in a post-pandemic world this capability is in higher demand than ever before. With many organisations looking to explore new ventures, integrating AI and improving cloud functionality for example, SAP professionals play a vital role in setting up the systems to interpret data effectively.

Operating in an ever-digitised world, SAP professionals are central to ensuring businesses remain relevant, capable, and scalable. And in order for organisations to survive and thrive, they must ensure that they are providing suitable opportunities for professionals to flourish and new talent to enter the market.

Candidates are demanding more from the recruitment process. They want a cohesive experience, from initial application to day 100 in role. And with the global economy rebounding after the Covid-19 crisis, hiring is on the rise. Yet businesses continue to be plagued by skills shortages and highly skilled employees maintain negotiating power. Talented candidates know their worth and they have high expectations when it comes to the recruitment process and beyond.

In our final “Future of Work” blog series, we will consider how the recruitment landscape has changed, what candidates want to see from businesses, and how organisations can attract the best talent.

Culture is king

Many candidates are looking for more than just a job; they are looking for a position where they can make a genuine impact and have pride and purpose in their role and company. PwC found that culture is so meaningful that 33% of C-suite-level candidates said they’d take a pay cut to work for a mission-driven company that aligns with their ideals.

Candidates want to understand business culture before signing on the dotted line, and organisations need to think carefully about how they communicate this. From virtual tours and job shadowing, to hosting a social event before joining, it’s worthwhile giving candidates the opportunity to experience the business and culture first-hand.

Skills shortages

Professionals within technology and IT industries remain in high demand. And with the pandemic forcing many businesses to operate virtually at haste, organisations are finding themselves on the backfoot with such operations – particularly around cyber security. Vacancies within IT and technology, especially at senior level, were already challenging for recruiters to fill. And with businesses demanding more from traditional role profiles – requiring a blended skillset of technological prowess and strategic business capabilities – the perfect candidate is even harder to find.

But many businesses are taking the issue of skills shortages into their own hands, by creating learning opportunities internally to upskill employees. And with more than a third (37%) of candidates saying they’d be willing to take a pay cut for a chance to learn new skills – and a higher percentage overall for those in technology – it’s worthwhile investing in quality training. It enables businesses to take control, plugging skills shortages, by upskilling existing employees and attracting new candidates in the process.

Diverse workplaces

Candidates are demanding more from workplaces, especially from businesses that merely pay lip service to the diversity agenda.  They want to see greater change, with companies making more purposeful strides towards equality. Research finds that chief diversity and inclusion (D&I) officers are in high demand, and it roughly falls into two categories: those businesses yet to action the diversity agenda, and those looking to shake-up existing strategies.

It’s a make-or-break decision for many candidates whether to take a role, depending on how seriously an organisation takes its diversity agenda. So, businesses need to ensure they have a robust D&I strategy, can readily showcase data and projections about the make-up of its workforce, and share plans for the future.

With UK hiring hitting its fastest rate in 23 years, particularly in the IT industry, the war for talent is well and truly back on. Businesses that are looking to hire exceptional professionals, to help drive through the pandemic recovery and beyond, need to ensure that they are ticking as many boxes for candidates as possible to attract the best talent.

By promoting culture, highlighting learning opportunities and being transparent with D&I strategies – candidates can get a genuine feel for what the organisation is really like. Hiring quality candidates can transform a business, future-proofing an organisation, so it’s crucial businesses get the recruitment process right to attract the best people.

Health and wellbeing programmes used to be a “nice to have” for many organisations, but the pandemic elevated its importance. Research by EY found that two thirds (67%) of UK Asset Management firms are increasing their focus on employee mental health and wellbeing, highlighting the toll that Covid-19 took on staff. The pandemic reminded us that nothing is more important than health, and employees expect more from workplace wellbeing practices as a result.

Employees may be experiencing burnout from an arduous 18 months, remain fearful about what the future holds, or be reluctant to return to previous ways of working. Deloitte also estimates that poor mental health costs UK employers £45 billion each year. So, supporting employees with their wellbeing is not only a moral imperative – but a business one too.

Organisations need to ensure that wellbeing programmes support the chaos left behind by Covid-19 and are future-proofed for the healthcare challenges ahead. The following elements are worthwhile considering when modernising businesses wellbeing practices:

Utilise technology

The role of artificial intelligence (AI) soared in the pandemic and one area was supporting with mental health. A survey by Oracle found that 82% of people believe robots can support their mental health better than humans, and 68% said they would prefer to talk to a robot over their manager about stress and anxiety at work.  Chatbots have also been found to improve mental resilience, with 45% of users in one study reporting a reduction in their depression.

AI can help in numerous ways – from providing employees with information about mental health coping mechanisms, to automating workplace tasks into digestible chunks. It plays a valuable role in enabling employees to seek answers to their concerns, without fear of judgement or reprimand.

AI also helped with physical health during the crisis, supporting employees with exercise programmes. Where physiotherapy wasn’t available face-to-face, for example, AI could support with rehabilitation exercises. It enabled employees to keep on top of their physical health, track goals and monitor results. AI proved its value during the pandemic, and its role in health and wellbeing is only set to increase in the future.

Check-in regularly

Even though levels of anxiety around the pandemic have decreased, in part due to the vaccination programme taking effect and lockdown restrictions easing, feelings of loneliness and not coping well have increased. Some employees may continue to work from home and feel isolated, missing out on the comradery and water-cooler moments that can happen in an office.

It’s important for businesses to check in on their employees regularly, to ensure that their health and wellbeing remains paramount. Some organisations have continued social Zoom calls, ensuring interaction and non-work conversations still take place. Employees expect more from organisations with monitoring and supporting their wellbeing, so businesses that check in regularly are likely to benefit from a more engaged workforce.

Offer greater benefits

More than just discounted gym membership and free fruit Fridays, businesses could benefit from considering what else employees want from their health and wellbeing packages. Some organisations, such as General Electric, enable a section of its workforce to take unlimited days off. This, in part, is to encourage employees to take time off when they really need it and don’t come into work when sick. Other organisations have ramped up private medical insurance packages, to ensure health concerns that were put on the backburner during the pandemic are promptly addressed.

The Covid-19 crisis put health and wellbeing firmly back on the map. How businesses support it, through benefit packages and policies, will be more important now than ever before. Businesses need to consider how to modernise their wellbeing practices, to ensure continued support for employee health – which is particularly important in the aftermath of the pandemic.

A silver lining of the pandemic could be that remote working practices were forced to move from a snail’s pace to a sprint. Businesses that were previously hesitant to offer remote working, or said it couldn’t be done, were put in a position to make it work during the Covid-19 crisis.

A wider pool of employees reaped the benefits of remote working and organisations witnessed first-hand that productivity could be maintained.  It opened the floodgates to new ways of working, with “hybrid workplaces” becoming central to business plans.

Whilst the majority of employees agree they don’t want to solely work from home, they also don’t want to return to the office full time. Instead, employees want a hybrid working system, such as: home working (to aid concentration and support with care responsibilities); corporate offices (to build face-to-face relationships); and co-working spaces (to help creativity).

Regardless of where organisations are on the spectrum of offering hybrid working, businesses should consider the following points to make it a success:

• Communicate plans

Let employees know the current business thoughts on hybrid working, even if the answer is that it’s a conversation in progress. With the major players drawing their line in the sand – such as accounting firm EY moving 17,000 employees to a hybrid working model, in comparison to Goldman Sachs saying all banking staff should be behind their office desks ASAP – employees will want to know where they stand.

Research by McKinsey finds that 47% of employees feel that a lack of clear vision about the post-pandemic workplace is a cause for concern. And with anxiety known to decrease work performance, reduce job satisfaction, and negatively affect interpersonal relationships with colleagues, among other ills, it’s imperative businesses communicate their plans.

• Assess roles

Some positions may easily transition to hybrid working, typically within creative and IT roles, but others may still require more regular or full-time office visibility. To manage this process some organisations have labelled roles according to requirements to be present in an office. This obviously has to be managed carefully to ensure a fair balance. For example, research found that 75% of employees would give up at least one benefit or perk, such as healthcare coverage, for the freedom to choose their work environment.  So it’s important to consider how to balance the perks of being able to work more flexibly, in comparison to those that are required in an office full-time.

• Management training

Training managers to focus on productivity as a marker of success, as opposed to office visibility, is crucial to operating a successful hybrid workplace. Managers need to be mindful that impromptu meetings in the office, for example, can result in remote workers being left out. Not only can this affect employee engagement, but also career development – due to promotions typically being aligned to greater facetime with colleagues and managers.

Women and people with disability tend to have a higher preference for more days working at home, which could result in careers falling behind and lack of diversity at the top in the long run. Businesses therefore need to be careful, especially when providing hybrid workplaces, that managers are equipped to offer fair and inclusive opportunities.

With 89% of businesses expecting hybrid working to become a permanent part of working life, and the same amount of employees expressing a desire to maintain some home working after the crisis ends, it’s clear that the workplace has undergone a radical transformation. Businesses that can keep pace, offering a hybrid solution that works for the organisation and its employees, stand to benefit. But changes must be well thought through and prepared, to ensure the workforce is supported during the transition to hybrid working and beyond.

The future of work cannot be discussed, without technology being mentioned. It underpins every challenge and opportunity businesses face in the future. The pandemic pushed many organisations to embrace technology further, with 73% of businesses having now embarked on a path to intelligent automation (up from 58% in 2019). And as more ‘manual’ roles become automated, remote working becomes better adopted and data is increasingly used to inform business decisions.  It’s apparent that the march of technology is only set to continue.

Whilst technology creates many opportunities – in terms of greater efficiency, market intelligence, and job prospects, for example – it also creates significant challenges. Businesses can struggle to keep up with technological demand, be resistant to change, or simply can’t find talent with the right skillset.

In conversation with our stakeholders, some of the key challenges in the future, with regards to technology, are:

• Mobility and security

With the pandemic forcing many businesses to operate flexibly in a way never seen before, solely working from a desk in an office is likely to be a thing of the past. Employees expect greater mobility with work, with 57% saying they want to be able to continue working from home once the Covid-19 crisis is over. As a result, many organisations are exploring how to provide employees with a cohesive mobile experience – running applications, from different sources, and on different devices for example.

But remote working can present a security headache, with many high-profile examples of lost devices and hackers exposing weaknesses in the system. With an increasingly mobile workforce, security must remain paramount, and businesses need to ensure sensitive information is adequately protected.

• Blended skillsets

Tech roles have evolved considerably over the years. Professionals must have exceptional technological prowess and also business acumen, to show how suitable investments can make a positive impact. Knowing your acronyms, from AI to RPA, is one thing – but understanding how to bring in new technology to seamlessly support business strategy, objectives and the bottom line is quite another.

As technology can be disruptive, but necessary for growth, professionals may be met with resistance from stakeholders that aren’t embracing of change. Therefore, professionals have a multifaceted role of understanding emerging technology, applying suitable solutions, winning over stakeholders, driving change, and securing results.

• Talent shortages

With a leading thinktank warning that the UK is headed towards a “catastrophic digital skills shortage disaster”, it is safe to say that accessing talent with suitable technological abilities can be challenging. McKinsey anticipates that there will be a shortfall of up to 250,000 data scientists in the United States alone in a decade, due to the ever-increasing role of big data in the economy and in businesses.

However, the pandemic has encouraged some individuals to switch to technology roles as a way to future proof their careers, which could help narrow the skills gap. Whilst there are many great initiatives to encourage more people into tech careers, such as Code First Girls, it remains a challenge currently for businesses to access quality tech professionals with sound business skills.

Organisations that can adopt technology in a way that supports business objectives, and employees alike, are set to succeed in the future. Although disruptive in nature, technology is the catalyst needed to drive greater efficiency and the right professionals can guide organisations through the process.  With 65% of children entering primary school today predicted to work in completely new job types that don’t yet exist, it’s important that businesses are flexible to the changes that technology is creating – to reap the benefits in the future.

The UK economy continues to take a battering, having been ravaged by the Covid-19 pandemic, with debt levels at a record high of £2.131trn.  The chancellor of the exchequer, Rishi Sunak, said he prioritised lives and livelihoods with financial support packages, to help individuals and businesses manage government-imposed lockdowns – requiring unprecedented levels of borrowing. But once the crisis has been averted, and the economy is back on track, government coffers will need to be refilled and debts repaid. Therefore, businesses must get their finances shipshape if they are to weather the next storm.

Mr Sunak has already signalled some tax rises that are due to be implemented over the next few years and businesses need to ensure they are in the best position to cope with such changes. Tax professionals play a crucial role in helping businesses get their house in order, so organisations can cope with increases and maximise finances more effectively. Whilst final details have yet to be fully disclosed, some of the changes tax professionals can help businesses get to grips with now are:

·       Tax changes and freezes

It is likely that corporation tax for large organisations is due to rise from 19% to 25% in 2023. As the first corporation tax rise since 1974, Mr Sunak has said the rise is fair as it would only hit companies that had done well through the pandemic. With a significant hike in corporation tax, specialists can help large organisations ensure that they have the funding in place to manage such an increase.

Personal income tax is also due to be frozen from April 2022 until 2026. Some argue that this represents a clear tax rise for all taxpayers over the coming years, bringing as many as 1.3 million people into the income tax system. Tax advisors can support employees with making their personal finances go further, ensuring they aren’t unduly impacted.

·       Movement of goods

The advent of Covid-19 dwarfed conversations around Brexit at times, yet businesses are still dealing with the fallout of Britain exiting the EU. Importing and exporting goods has been significantly affected for many businesses, resulting in serious financial implications. Some businesses have had to deal with the impact of delayed goods, whilst others have established new supply chains entirely to circumvent issues. It’s not just physical goods affected either, but the hiring of talent and EU nationals has become more complicated. Tax professionals play a crucial role in supporting businesses with managing a more complex process, as companies look to strike contracts in a vastly different recruiting and trading environment.

·       M&A activity 

Merger and acquisition activity is seeing a resurgence at present, as some businesses look to takeovers to grow their way out of the economic doldrums. The Autumn budget is also expected to include measures to support such growth,introducing new financial reliefs that attract foreign business and investment for example – all of which will have tax implications. Navigating new business ventures, particularly against the backdrop of operating in a “new normal”, is complex at best and can benefit from support of tax professionals to ensure everything runs smoothly.

Whilst many organisations are still in survival mode, it’s important to look ahead to ensure the business poised for growth. Tax professionals can support organisations with ensuring that business finances are healthy and as future proofed as possible. With many complex financial changes occurring, in part due to Covid-19 and Brexit, businesses that don’t have quality tax professionals on board already should consider hiring talent soon. As the next financial wave is due to hit, businesses need to be in the best position as the economy moves towards recovery.

With one billion people needing to reskill by 2030, our first “Future of Work” blog in a series of five considers how learning and development (L&D) plays a crucial role in meeting demand. By training in both hard and soft skills, L&D is vital in keeping businesses and economies competitive, teams collaborative and employees knowledgeable.

Some of the areas where L&D can have the most impact on the future of work include:

• Digital transformation

Whilst the march of technology is nothing new, the pandemic has accelerated it to a sprint. McKinsey research found that Covid-19 pushed digital adoption forward by five years, in a space of just eight weeks. Numerous businesses had to rapidly expand their online services to survive the pandemic and there is no going back. Digital transformation is a major priority for many, with customers expecting continued and improved offerings.

Businesses therefore need to ensure that they have a skilled workforce that can operate new technologies, but also have flexibility and drive to embrace further digital interventions. Creating a culture where learning is continuous not only helps individuals to upskill, but it can also bring together teams, departments, countries, and regions. Utilising technology effectively can have a powerful impact, instigating greater collaboration across the organisation.

• Soft skills

The World Economic Forum mapped out where future job growth is due to come from and found that whilst highly technological and scientific skills are needed, softer skills – such as leadership, collaboration and creativity – will also be in great demand. These interpersonal skills are crucial to roles in sales, human resources, care, and education to ensure quality interaction between employees and customers.

Soft skills will also have to be transferable in a virtual world, as Covid-19 has transformed the way we operate with more employees working from home than ever before. Traditionally, softer skills were taught and utilised for in-person interactions, but increased use of virtual meetings means that they need to be transferred online too. So, where L&D initiatives are targeted at teaching soft skills, it must translate to an increasingly online community.

• Inclusivity

L&D plays a vital role in the diversity and inclusion (D&I) arena – from tackling unconscious bias, to highlighting barriers to better representation in an organisation. It’s a role that is only set to increase in importance too, as employees and customers alike are demanding more accountability and visibility from businesses when it comes to D&I practices.

One such area where representation is imbalanced, is the technology sector. Fewer women than men work directly in ICT roles in almost every country in the world – potentially exacerbating gender inequality globally. With technology roles playing such a crucial role in future growth opportunities, it’s concerning that representation amongst women in tech is still low. Whilst all departments have a responsibility to improve D&I, L&D is in a unique position to work across an organisation – ensuring that cultural change occurs, barriers to inclusion removed and diverse groups adequately supported.

In all elements of the future of work, L&D plays an integral role in ensuring employees are up to the challenge. Whether hiring an individual to digitally transform a business, or upskilling teams internally to focus on improving culture, L&D is central to ensuring lasting and impactful change occurs.

With the world turned upside down for many businesses over the past year, the subject of the “future of work” has never been timelier as organisations look to regroup in a post-pandemic era.

The Covid-19 crisis forced numerous organisations to rapidly adapt and whilst many are still dealing with the immediate fallout, it’s important to keep an eye on longer terms trends and drivers of change too.

We’ve highlighted five key themes that we expect will dramatically impact the future of work. Each theme will be explored in more detail in future blog posts, but an overview of the main areas include:

1. Technology

As nonessential workers shifted to home, a McKinsey report of 800 executives found that half had increased digitisation of customer channels, via ecommerce, mobile apps or chatbots to meet demand during the pandemic. Where having staff in one call centre was no longer viable, for example, technology filled an important void in continuity of service. Consumer and business behaviour has changed considerably as a result, aided by technology, and it’s a trend that is only set to continue. Organisations need to ensure they are both capable and savvy, deploying technology that will support both their business and customers.

2. Learning and development (L&D)

The World Economic Forum announced a reskilling emergency, with the Fourth Industrial Revolution meaning that one billion people need to retrain by 2030. The advent of technology has largely caused this surge, both taking and creating jobs. Whilst high tech skills will obviously be in demand, specialised interpersonal skills in sales, human resources, care, and education are also required. Businesses need to be prepared to upskill staff, utilising online and offline learning and development resources, to ensure talent remains competitive. Click here to see the L&D blog piece

3. The hybrid office

With 25% of employees wanting to remain working from home full time, many businesses are exploring the need for staff to be present in offices and what to do with corporate real estate. This has significant ramifications across businesses – from purchasing technology to ensure flexible working options are viable, to collaborating with HR teams to ensure learning and career development remains on track for home workers. It’s a significant overhaul that will require careful planning and consideration.

4. Health and wellbeing

With Covid-19 having posed such a risk to health and wellbeing, it’s understandably become a main priority for many employees. When supporting existing employees or hiring new staff, it’s vital that businesses show how mental and physical health is a top priority. Ensuring home working is accessible to all and utilising wellbeing technology are just some of the important areas to consider investing in.

5. Recruitment

With so much occurring over the past year, businesses will need talent to drive through lasting and impactful change. From implementing new technology to reskilling departments, hiring wellbeing professionals to securing the best international talent, recruitment is a top priority for many organisations in a post-pandemic world. And with so many events over the past year impacting inclusivity – such as the Black Lives Matter Movement – there is even more to consider during the process. Hiring the right talent can transform a business, future-proofing an organisation, so it’s crucial to recruit the best people.

All these themes interlink and represent the main areas we believe are going to significantly shape the future of work. Do keep an eye out for future blogs, as we explore each in more detail, over the next few months.